Nasdaq Hits Fresh 2009 High As Dollar Rallies

Nasdaq Hits Fresh 2009 High As Dollar Rallies

Byinfo@50park.com

It was very encouraging to see the Nasdaq breakout of its current trading range and hit a new 2009 high on Monday! It is also very encouraging to see the Philly Semiconductor Index (SOX) gap higher and hit a fresh 2009 high as well. Meanwhile,the Dow Jones Industrial Average and S&P 500 closed just below 10,500 and 1,120, their respective resistance levels. Apple Inc. (AAPL) closed above its 6-week downward trendline and above its 50 day moving average line which is a healthy sign and bodes well for this 42-week rally.

30 Stocks With Strong Technical Patterns

30 Stocks With Strong Technical Patterns

Byinfo@50park.com

The S&P 500 and Dow Jones Industrial Average closed at fresh 2009 highs on Monday. At this point, the major averages are just below important resistance levels for the year (Full commentary here) and appear poised to move higher. If they manage to close above their respective resistance levels on heavy volume then odds will favor a new leg higher will commence. That said, here is a list of 30 stocks that sport strong technical chart patterns:

Week In Review- Stocks End Mixed

Week In Review- Stocks End Mixed

Byinfo@50park.com

Looking at the recent action in the market, the major averages continue acting well as they remain perched just below resistance (their respective 2009 highs) and above their respective 50-day moving average (DMA) lines. Both these factors are considered healthy and bodes well for this 8-month rally. The Nasdaq continues to experience formidable resistance just above 2,200 while the benchmark S&P 500 Index faces resistance just above 1,115. The blue chip Dow Jones Industrial Average remains the strongest of it peers and currently faces resistance just above 10,500. Until the major averages close above or below support or resistance, expect the bracketed (sideways) action to continue.